The BOA has a substantial deficit and the current financial situation will serve to put further pressure on BOA chief executive Andy Hunt ahead of a board meeting on Wednesday.

London 2012's annual report states: 'It is anticipated that the company's performance in raising funds and controlling expenditure will meet the objective of breaking even. LOCOG forecasts that both core lifetime revenue (AFR) and expenditure (AFC) will be £2.4billion.'

The report shows that London 2012 chief executive Paul Deighton had a performance bonus doubled to £1.39million as a result of the 'successful delivery of the Games'.

Taking into account all bonuses and
deferred incentives, Deighton ended his employment with a total of
£1.98million to go with his basic £720,000 salary. He is now working for
the Government as commercial secretary to the Treasury.

On the way out: Chief executive Andy Hunt will be replaced by Sebastian Coe

The LOCOG report shows the company made a loss of £53million up until the end of the year but has £78million revenue in the bank. That does not necessarily mean a surplus of £25million when the accounts are finalised in June because there are still significant outgoings which is why it is predicting a break-even figure.

Any surplus would be hugely welcome to London 2012 chairman Sebastian Coe however in his new role as chairman of the BOA.

Any surplus from the running for the Games will see £5million go to the BOA and £2.5million to ParalympicsGB before the Government has any claim on what remains.